Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-07-02-Speech-3-076"
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"en.20030702.2.3-076"2
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".
As the rapporteur states, the directive on the prospectus is a central plank in the Financial Services Action Plan, an integral part of the Lisbon Strategy, which aims to integrate financial markets by 2005. One can therefore understand why the rapporteur believes that it is ‘vital to reach consensus and ensure a rapid adoption of the directive’, since ‘the creation of a legal framework which enhances the conditions for raising of capital via Europe's financial markets’ depends on it. In other words, as well as ensuring the refinancing of (large) companies, the directive is intended to encourage greater liberalisation of investment and capital.
From this perspective, the amendments tabled by the rapporteur to the Council common position aim to make regulations more flexible, to speed up the procedure for approving the prospectus and reduce the scope for independent decision-making by Member States and national legislations. Specifically, States’ power to define who may be considered a qualified investor and to shorten approval periods has been curtailed by the introduction of the concept of deemed approval. The directive also finds the provision for the competent authority to carry out on-site inspections to monitor compliance with the directive to be disproportionate. It even wants to raise the investor threshold below which there will be no obligation to publish a prospectus. In short, it wants to liberalise. That is why we voted against it."@en1
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